Oil price edges lower on anticipated USA production rise

Oil price edges lower on anticipated USA production rise

Oil price edges lower on anticipated USA production rise

The IEA said warmer temperatures could reduce consumption, while sharply rising output from outside the producer group OPEC might mean the global market tilts back into surplus in the first half of 2018.

The level of inventories held by industrialized above the five-year average "has fallen by more than 50 percent in 2017, with inventories now at around 160 million barrels", consultancy Timera Energy said.

Oil prices held steady in a tight range Monday after briefly testing lower, with support from Middle East tensions and record long bets by fund managers balanced by rising United States production.

Speaking yesterday at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC), al-Mazroui said his prediction was that OPEC would continue to do what it would take to rebalance the market.

Crude oil futures inched higher Monday, staying near 2-year highs after OPEC predicted oil demand will surge in 2018.

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He added while he had not heard any OPEC members discussing the possibility of not extending the deal, the time and duration of an extension was still to be decided, Kallanish Energy learns.

OPEC members were reportedly forming a consensus around extending by nine months their production cuts deal with other crude exporters.

UAE's energy minister said he saw no need for the decision to be delayed beyond the November 30 meeting in Vienna.

The Paris-based IEA cut its oil demand growth forecast by 100,000 barrels per day (bpd) for this year and next, to an estimated 1.5 million bpd in 2017 and 1.3 million bpd in 2018.

Stocks were 154 million barrels above the five-year average, the excess that OPEC aims to eliminate.

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Also, OPEC sees no reason for investors to expect oil to hit peak demand before 2040, the organization's secretary general said Monday.

A year ago this week, markets reeled from the surprise election of USA president Donald Trump, and eagerly awaited OPEC's November meeting as the last hope for an oil price rally.

Crude oil stocks in the US are seen down 2.850 million barrels, while distillates are expected to post a drop of 1.775 million barrels and gasoline inventories are seen down 1.025 million barrels.

Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.

Middle East tensions grew over the weekend, fueling expectations of supply disruptions in the region after Bahrain said Iran was behind an explosion to its main oil pipeline.

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